NOVATEK Mitsui And JOGMEC Signs Agreement To Purchase Interest In Arctic LNG 2 Project
On June 29, PAO NOVATEK (“NOVATEK” and/or the “Company”) and the consortium of Mitsui & Co (“Mitsui”) and Japan Oil, Gas and Metals National Corporation (“JOGMEC”) signed the Sales and Purchase Agreement (“Agreement”) to purchase a 10% participation interest in the Arctic LNG 2 project (the “Project”) in the presence of the President of Russian Federation Vladimir Putin, and the Prime Minister of Japan Shinzo Abe. The participation in the Project also provides for the long-term LNG offtake of approximately two million tons per annum by the Japanese partners. The Agreement will close with subject to regulatory approvals in the future.
“We welcome the consortium of Mitsui and JOGMEC as partners in our Arctic LNG 2 project,” noted Leonid Mikhelson, NOVATEK’s Chairman of the Management Board. “Japan has 50 years of experience with importing LNG and is one of the largest LNG consuming countries. Moreover, Japanese companies have extensive experience in implementing LNG projects as well as marketing LNG around the world. The entry of Japanese partners into Arctic LNG 2 will contribute to its successful implementation”.